WorldStage Newsonline– The National Insurance Commission (NAICOM) and the Ministry of Marine and Blue Economy have expressed their readiness to collaborate on the enforcement and regulation of marine insurance policies.
This is as the Executive Management of the National Insurance Commission (NAICOM), led by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the Honourable Minister of Marine & Blue Economy, Mr. Adegboyega Oyetola, at his office in Abuja on Friday.
The meeting was focused on exploring areas of collaboration between NAICOM and the Ministry, aimed at strengthening the enforcement and regulation of marine insurance policies in Nigeria.
A significant aspect of the discussions was the proposal to create a portal for the verification of marine insurance policies. This would ensure that all marine operators comply with the necessary insurance requirements, thus improving transparency and reducing the incidence of fraudulent policies in the maritime sector.
Additionally, the meeting addressed the possibility of leveraging provisions in the Cabotage Act to enforce strict adherence to insurance regulations within Nigeria’s domestic shipping industry.
The collaboration between NAICOM and the Ministry of Marine & Blue Economy is expected to enhance insurance compliance in the maritime sector, boost the nation’s marine insurance portfolio, and contribute to the overall safety and security of marine operations in Nigerian waters.
Both parties expressed optimism about the potential benefits of the proposed initiatives and reiterated their commitment to working together to achieve a robust and regulated maritime insurance framework.
